"Until recently, this was illegal, but it remained the only option…"
In this edition of Coffee with Calyptus, we sit down with Santiago, Global Strategic Alliances Lead at Bitso, to explore the evolving crypto landscape in LATAM. From his journey into the industry to leading partnerships with PayPal, Circle, and dLocal, Santiago shares invaluable insights on stablecoin adoption, the biggest roadblocks to mass crypto adoption, and how Bitso is driving innovation in the region.
Tell us Santiago, what’s your story into crypto and Bitso?
My journey in crypto began in 2020 during the pandemic, when Bitcoin and crypto were all over the media and social networks. That’s when I started getting interested in the space and began investing little by little using centralized exchanges.
At first, without much knowledge, I made some bad investment decisions—mostly buying new tokens (usually known as shitcoins haha), hoping they would take off, but I ended up losing more than I gained. Still, this served as a lesson for me, and I also realized that I was very attracted to the industry. I started following some influencers and realized that the best talent was entering the industry.
By the end of 2020, I was working at a Spanish startup called Glovo, which decided to exit LATAM due to economic issues. That left me unemployed, and I saw it as the perfect chance to switch industries and find a job in crypto. Around that time, I came across an Account Manager opening at Bitso Business and decided to apply. I went through several interview rounds but ultimately wasn’t selected. At first, I was a bit disappointed, but I later realized I didn’t yet have the knowledge or expertise to land that role.
Shortly after, I got an opportunity to work at Ualá, a well-known fintech in LATAM, especially in Argentina. At the same time, I started deepening my understanding of crypto—not just from an investment perspective but also from a technical standpoint. I took a blockchain course and read several books, which helped me expand my knowledge.
After a year and a half at Ualá, a new opportunity at Bitso came up—this time for a partnership role in a project related to their new card in Mexico. I applied again, and this time, I was much more prepared. I felt super confident in the interviews, it went very well, and I finally got the job. That was the start of my career in the crypto industry, where I’ve now been working for almost three years.
Currently, I’m working as Global Strategic Alliances Lead, managing relationships with key strategic partners across Argentina, Colombia, the US, and Europe. At the same time, I’m always looking for new partnerships that can unlock new business opportunities, driving both innovation and growth for Bitso.
At Bitso, you’ve led game-changing alliances with heavyweights like Circle, PayPal, and dLocal. What’s the secret sauce to building partnerships that actually drive value and don’t just look good on paper?
I’ve been working in commercial roles for over 10 years, primarily in account management and partnerships, so I’ve developed strong experience in managing relationships with both partners and clients. My approach to partnerships is always focused on mutual benefit and long-term value rather than just signing an agreement that looks good on paper.
One key factor I’ve learned is that great partnerships take time to generate real impact. That’s why patience is crucial—rushing results can often lead to misaligned expectations. At the same time, transparency is essential. From the beginning, I always make sure to communicate our objectives clearly, ensuring both parties are aligned on what we aim to achieve. This not only helps us track performance effectively but also builds trust. If things don’t go as expected, it’s easier to assess why and adjust accordingly.
Another critical component is accountability. I strongly believe in setting clear service-level agreements (SLAs), response times, and penalties if commitments aren’t met. Both sides have expectations regarding performance, and having a structured framework ensures that everyone stays committed to delivering results.
Finally, communication plays a huge role in making a partnership successful. Hosting events, webinars, or joint announcements helps solidify the collaboration and drives further engagement. The more visibility and momentum we create together, the more we can strengthen the relationship and maximize impact for both companies.
Argentina has had a difficult time in stabilizing its hyperinflation for many years, although things seem to be getting better. Have you seen and experienced stablecoins creating an impact at all?
Stablecoins have definitely had a major impact in Argentina, and I’ve seen this firsthand while working at Bitso.
In Argentina, there’s a restriction known as “cepo cambiario” which prevents people from buying U.S. dollars through banks or fintech platforms. The only way to access dollars is through the informal market, where people buy them at underground exchange houses known as “cuevas.” Until recently, this was illegal, but it remained the only option. This unofficial exchange rate is called the “Dólar Blue” and differs significantly from the official rate set by the government.
In this context, stablecoins have become extremely important for Argentinians. With high inflation in recent years and limited access to dollars, stablecoins serve as a crucial store of value. The macroeconomic conditions—marked by inflation and a strong cultural tendency to move toward the dollar as a hedge—have driven widespread adoption of crypto dollars.
Bitso’s Crypto Landscape reports clearly show that Argentina leads the region in stablecoin adoption. It’s the only country where more than 20% of user portfolios are held in stablecoins, while no other country in the region reaches 10%.
Additionally, at Bitso, we offer yield on USDC and USDT simply for holding funds in users’ accounts. This not only encourages users to hold their assets with us securely but also provides them with a way to protect themselves from inflation while earning passive income.
Web3 adoption in LATAM has been explosive, but it’s not always smooth sailing. What’s the biggest roadblock holding back mass crypto adoption in the region, and how do you see it evolving?
The crypto industry has become a crucial part of the LATAM region, with data showing it as the second fastest-growing market globally, boasting a 42% year-over-year increase. This growth is driven by diverse use cases across different countries. In Argentina, for example, crypto serves as a hedge against inflation and a means to preserve wealth. In Mexico, it plays a key role in remittances and long-term investment in assets like Bitcoin. While each country has its own particularities, cryptocurrencies tend to gain the most traction in regions facing economic instability.
When it comes to the main barriers preventing mass adoption, two key challenges stand out: regulatory uncertainty and lack of education.
Regulation remains a gray area in many LATAM countries, where crypto is still perceived with skepticism—often associated with fraud and illicit activities. This highlights the need for well-structured regulations that not only protect investors and ensure market integrity but also foster innovation rather than inhibiting industry growth.
At Bitso, we have prioritized compliance and self-regulation since our inception, ensuring that we operate within local regulatory frameworks in every market where we are present. We follow a hybrid structure, establishing local entities with the necessary licenses—for example, an IFPE license in Mexico and a PSP license in Argentina—allowing us to provide secure and compliant services to our users. Additionally, we secured a DLT license in Gibraltar, one of the most advanced crypto and custody licenses, reinforcing our commitment to security and transparency.
Education is another major roadblock. There is still a significant knowledge gap when it comes to understanding how cryptocurrencies and blockchain technology work. At Bitso, we are committed to bridging this gap by producing educational content, including weekly videos on our YouTube channel to keep users informed about new trends and developments in the crypto world. Additionally, our platform is designed to be intuitive and user-friendly, making it easy for anyone to buy and sell crypto in just a few clicks.
Looking ahead, I believe the industry will experience massive growth in the coming years, driven by greater regulatory clarity and mainstream adoption in key markets like the U.S. As global regulatory frameworks evolve, LATAM countries are likely to follow the example, adopting clearer guidelines to support the industry’s expansion.
We are already seeing early signs of this change—for example, in Argentina, where the government has introduced a PSAV registry to ensure that exchanges operating in the country are properly registered to ensure the safety of users. At the same time, global regulatory efforts like MiCA in Europe are setting a precedent for comprehensive crypto regulation, providing a framework that could serve as a reference for other regions looking to establish clear and effective guidelines for the industry.
With these developments, I see a promising future for crypto adoption in LATAM, where regulation and education should work together to create a more secure, inclusive, and thriving digital economy.
Solidity Challenge 🕵️♂️
What can go wrong with this contract?
Jobs 💼
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Solidity Challenge Answer ✅
Answer: The fallback function might fail if it exceeds the gas stipend of 2300 gas.
